TORONTO, Aug. 13, 2025 (GLOBE NEWSWIRE) — Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) today reported financial results for the three and six months ended June 30, 2025. All dollar amounts set out herein are in thousands of Canadian dollars, unless otherwise stated.
“This quarter, Northland and our partners reached several major construction milestones, including the ahead-of-schedule and under-budget delivery of the Oneida energy storage project into commercial operations, first power at Hai Long, and the installation of Baltic Power’s first wind turbine,” said Christine Healy, President and CEO of Northland. “While our overall performance was impacted by below-average wind levels in Europe during the quarter, we continued to demonstrate strong operational performance with 95% commercial availability.”
Significant Events and Updates
Project Updates:
- Hai Long Offshore Wind Project – Northland continues to advance the 1.0 GW Hai Long project, achieving first power during the quarter. Offshore construction is progressing, with all wind turbine foundation piles installed and turbine installation and inter-array cabling underway. The project remains on track for full commercial operations in 2027, with overall costs aligned with original expectations.
- Baltic Power Offshore Wind Project – Northland continues to advance the 1.1 GW Baltic Power project, with onshore substation construction underway and fabrication progressing on key components including offshore substation topsides, export cables, wind turbine parts, and inter-array cables. Offshore work continues, with wind turbine installation now in progress. The project remains on track for full commercial operations in the second half of 2026, with overall costs aligned with original expectations.
- Oneida Energy Storage Project – On May 7, 2025, Northland announced that the 250 MW/1.0 GWh Oneida project – the largest operating battery energy storage facility in Canada – successfully entered commercial operations ahead-of-schedule and under-budget. The project was completed with no lost time incidents, reflecting Northland’s strong commitment to health and safety. Oneida operates under a 20-year capacity contract with Ontario’s Independent Electricity System Operator.
Other:
- Guidance Update – Revised 2025 full year financial guidance for Adjusted EBITDA and Free Cash Flow per share, driven primarily by low wind resource across our offshore wind facilities during the first half of the year. Refer to the Outlook section for additional information.
Second Quarter Results
- Revenue from energy sales was $509 million in the second quarter of 2025 compared to $529 million in the same quarter of 2024.
- Net loss was $53 million in the second quarter of 2025 compared to a net income of $262 million in the same quarter of 2024.
- Adjusted EBITDA (a non-IFRS measure) was $245 million in the second quarter of 2025 compared to $268 million in the same quarter of 2024.
- Free Cash Flow per share (a non-IFRS measure) was $0.22 in the second quarter of 2025 compared to $0.27 in the same quarter of 2024.
- Cash provided by operating activities was $451 million in the second quarter of 2025 compared to $171 million in the same quarter of 2024.
- Available corporate liquidity of $1,048 million as at June 30, 2025 including $107 million of cash on hand and approximately $941 million of available capacity on its corporate revolving credit facilities.
The following table presents key IFRS and non-IFRS financial measures and operational results. Revenue from energy sales, operating income and net income, as reported under IFRS, include consolidated results of entities not wholly owned by Northland, whereas Northland’s non-IFRS financial measures include only Northland’s proportionate ownership interest.
| Summary of Consolidated Results |
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| (in thousands of dollars, except per share amounts) | Three months ended June 30, | Six months ended June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| FINANCIALS | |||||||||||||
| Revenue from energy sales (1) | $ | 509,132 | $ | 528,974 | $ | 1,157,652 | $ | 1,283,894 | |||||
| Operating income (1) | 122,057 | 152,025 | 385,164 | 498,194 | |||||||||
| Net income (loss) (1) | (53,149 | ) | 262,356 | 57,668 | 411,653 | ||||||||
| Net income (loss) attributable to shareholders | (62,744 | ) | 246,090 | 4,088 | 321,693 | ||||||||
| Adjusted EBITDA (a non-IFRS measure) (3) | 245,325 | 268,190 | 606,510 | 722,056 | |||||||||
| Cash provided by operating activities (1) | 451,077 | 170,998 | 873,885 | 473,414 | |||||||||
| Free Cash Flow (a non-IFRS measure) (3) | 58,444 | 68,594 | 215,718 | 294,325 | |||||||||
| Cash dividends paid | 78,451 | 49,836 | 129,107 | 200,488 | |||||||||
| Total dividends declared (2) | $ | 78,451 | $ | 77,061 | $ | 156,744 | $ | 153,760 | |||||
| Per Share | |||||||||||||
| Weighted average number of shares — basic and diluted (000s) | 261,502 | 256,659 | 261,097 | 256,070 | |||||||||
| Net income (loss) attributable to common shareholders — basic and diluted | $ | (0.25 | ) | $ | 0.95 | $ | 0.00 | $ | 1.24 | ||||
| Free Cash Flow — basic (a non-IFRS measure) (3) | $ | 0.22 | $ | 0.27 | $ | 0.83 | $ | 1.15 | |||||
| Total dividends declared | $ | 0.30 | $ | 0.30 | $ | 0.60 | $ | 0.60 | |||||
| ENERGY VOLUMES | |||||||||||||
| Electricity production in gigawatt hours (GWh) (4) | 2,094 | 2,563 | 5,108 | 6,030 | |||||||||
| Northland’s share of electricity production (GWh) (5) | 1,825 | 2,258 | 4,466 | 5,255 | |||||||||
| (1) | Represents fully consolidated financial information on 100% basis for all direct and indirect subsidiaries including those partially owned by Northland. Share of profit (loss) from joint ventures have been included only in the net income measures, as required by IFRS. | ||||||||||||
| (2) | Represents total dividends to common shareholders, including dividends in cash or in shares under Northland’s dividend reinvestment plan. | ||||||||||||
| (3) | See Forward-Looking Statements and Non-IFRS Financial Measures below. | ||||||||||||
| (4) | Includes 100% of electricity production from all direct and indirect subsidiaries including those which are partially owned by Northland. | ||||||||||||
| (5) | Presented at Northland’s economic interest. | ||||||||||||
Financial results for the three months ended June 30, 2025 were lower than the same quarter of 2024, primarily due to lower wind resource across offshore wind and Spanish onshore wind facilities. This decrease was partially offset by the contribution from the Oneida energy storage facility commencing operations this quarter and high wind conditions at the New York and Canadian onshore wind facilities.
Offshore wind facilities
Electricity production for the three months ended June 30, 2025 decreased 19% or 174 GWh compared to the same quarter of 2024, primarily due to lower wind resource across all offshore wind facilities and higher unpaid curtailments related to negative prices at German offshore wind facilities, partially offset by lower unpaid curtailments related to grid outages at German facilities. Commercial availability for the three months ended June 30, 2025 was on plan at 95%.
Revenue from energy sales of $213 million for the three months ended June 30, 2025 decreased 12% or $28 million, compared to the same quarter of 2024, primarily due to the lower production across all offshore wind facilities.
Adjusted EBITDA of $108 million for the three months ended June 30, 2025 decreased 17% or $23 million compared to the same quarter of 2024, primarily due to the same factors noted above.
Onshore renewable & energy storage facilities
Electricity production at the onshore renewable and energy storage facilities for the three months ended June 30, 2025 was 7% or 45 GWh higher than the same quarter of 2024, primarily due to high wind conditions at the New York and Canadian onshore wind facilities, partially offset by low wind conditions at the Spanish wind facilities. Commercial availability for the three months ended June 30, 2025 was on plan at 97%.
Revenue from energy sales of $130 million for the three months ended June 30, 2025 increased 15% or $17 million compared to the same quarter of 2024, primarily due to the contribution from the Oneida energy storage facility commencing operations this quarter, as well as the higher production from New York and Canadian onshore wind facilities, partially offset by lower production from Spanish wind facilities. Please refer to the Management’s Discussion and Analysis for the six months ended June 30, 2025, dated August 13, 2025 (“MD&A”) for a further breakdown of the Spanish portfolio revenue by component.
Adjusted EBITDA of $87 million was 11% or $9 million higher than the same quarter of 2024, primarily due to the same factors noted above.
Natural gas facilities
Electricity production of 672 GWh for the three months ended June 30, 2025 decreased 26% or 241 GWh compared to the same quarter of 2024, primarily due to lower operating availability resulting from a planned maintenance outage at North Battleford. Commercial availability for the three months ended June 30, 2025 was on plan at 98%.
Revenue from energy sales of $75 million for the three months ended June 30, 2025 was largely in line with the same quarter of 2024.
Adjusted EBITDA of $42 million for the three months ended June 30, 2025 decreased 15% or $8 million as compared to the same quarter of 2024, primarily due to lower operating availability because of planned outages at the natural gas facilities.
Utility
Revenue from energy sales of $89 million for the three months ended June 30, 2025 was largely in line with the same quarter of 2024.
Adjusted EBITDA $40 million for the three months ended June 30, 2025 was largely in line with the same quarter of 2024.
Consolidated statements of income (loss)
General and administrative (“G&A”) costs of $28 million in the second quarter increased $3 million compared to the same quarter of 2024, primarily due to higher long-term incentive plan costs.
Development costs of $13 million decreased $4 million compared to the same quarter of 2024, primarily due to a more focused market strategy.
Finance costs of $97 million were largely in line with the same quarter of 2024.
Fair value loss on financial instruments was $144 million, primarily due to net movement in the fair value of derivatives related to foreign exchange and interest rate contracts.
Foreign exchange gain of $14 million was primarily due to fluctuations in foreign exchange rates.
Share of loss from joint ventures of $22 million was primarily due to losses on the fair value of derivatives.
Net loss of $53 million in the second quarter of 2025 compared to net income of $262 million in the same quarter of 2024, primarily as a result of the factors described above.
Adjusted EBITDA
The following table reconciles net income (loss) to Adjusted EBITDA:
| Three months ended June 30, |
Six months ended June 30, |
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| 2025 | 2024 | 2025 | 2024 | |||||||||||||